"While we didn't deliver financial results to shareholders as high as we would have liked, we committed to strategic actions aimed at strengthening American Crystal's competitive structure far into the future," the report said.

The report noted the "labor interruption" since the company made its final contract offer July 28, 2011. Replacement workers staffed American Crystal plants during the past two harvest campaigns.

Members of the Bakery, Confectionery, Tobacco Workers and Grain Millers AFL-CIO have rejected the contract proposal four times, with 55 percent against it in the most recent vote on Saturday.

"We expect the current rate of spending associated with the lockout to decline," the company said in recent filings with the Securities and Exchange Commission.

"However, if our strategy is not successful, the continued lockout or an unfavorable collective bargaining agreement may negatively impact our current and future financial performance and payments to our shareholders," the company's statement said in listing risk factors.

Company officials will comment on American Crystal's 2012 results and future outlook in its annual meeting today. The union also plans a press conference.